Markets trade higher on positive global cues; Sensex climbs 250 pts, Nifty above 18,650

14 Dec 2022 , 09:40 AM

Indian markets in the fast lane during Wednesday’s opening bell tracking positive global cues. IT stocks rallied the most, while banking, auto, metals and Oil & Gas stocks also contributed to the upside substantially.

At around 9:37 AM, Sensex was performing at 62,784.89 higher by 251.59 points or 0.40%. Meanwhile, at present, the 50-scrip index Nifty was trading at 18,677.15 up by 69.15 points or 0.37%.

In terms of sectoral indices, on BSE, the IT index climbed more than 1.2% or 350 points after global tech stocks rallied.

Nifty bulls were – Hindalco, Eicher Motors, Wipro, Power Grid and Tech Mahindra climbing between 1-2%.

Nifty bears were – Nestle India, Bharti Airtel, ITC, Hindustan Unilever and CIpla dipping on flat note.

Investors globally reacted positively after the lower-than-expected November CPI inflation in the US which came at 7.1% YoY and only 0.1% MoM where it has signalled that the Fed will hike rate by only 50bp today for curbing inflation pressures.

On the Asian front, the markets opened in the green taking cues from the overnight comfort in US inflation data coupled with US$ hitting 4 month lows.

Overnight, on Wall Street, US markets see a smart rally as CPI number comes in at 7.1% versus expectations of 7.3% which sees Dow Jones jump higher by over 650 points before strong bout of profit booking sees gains close @ 123 points. Nasdaq also rallies over 350 points before closing higher by 113 points.

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